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as well as the global economy. according to rex macy it is. he thinks there's a good chance that risk fears will rise and, therefore, the market will pull back. will that be the moment for investors to get in. good to see you, gentlemen. thanks so much for joining us. what are you expecting in terms of this market 2013? >> sure. well, right now we're at 1472 on the s&p. we think it's going to go marginally higher from here, but it's not going to be a smooth ride. we've got a vix at 13 and change. that's too low. that's where the complacency comes from. you see it there. as we move into the debt ceiling debate, it can be far harder to solve than the taxes, we think the market can be down for a while, and before it comes back up. >> so you're looking for a decline, and perhaps that is an entry point for some. do you agree with that? >> i think any decline is an opportunity to buy, maria. i'm very, very bullish on u.s. equities and one of the main reasons i am the u.s. energy story which i think is a story that's not being told as well as it should be. in 2012 the u.s. oil production was
is happening over in europe. germany seeing a contraction in their economy. whether or not it is a recession still a little too early to say. as a result of what is happening in europe these stocks are down. gm was down over 4% today, big loss for the car companies because of europe. liz: and two vix etfs, volatility exchange traded funds, hitting new 52-week highs. even though the volatility index continues to tumble. what you see are two where you can make bearish bets on the vix, that would make sense, right? xiv, as you see. we've got them moving higher today. david: the battle over the debt ceiling and paying the bills that d.c. is racking up continues. representative jerry nadler, happens to be my representative, he is looking to stop future fights. he has introduced legislation to end the debt ceiling debate by getting rid of the debt ceiling all together. but would that give too much power to the president? that is the argument. that is the debate. we'll take you and jerry nadler there coming up. liz: germany's central bank pulling some of its gold out of new york and paris. we have
to protect our water. billions in the economy. at chevron, if we can't do it right, we won't do it at all. we've got to think long term. we've got to think long term. ♪ a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ >>> we're back. political director and chief white house correspondent chuck todd will take us inside the numbers of the latest poll as you tee up the second term, chuck. >> four years ago, enormous expectations for president obama. there were a lot of people, hope and change was big. this time, call it pragmatic hope as far as the public is concerned. as you see here, just less than 30% believe they're going to evaluate president obama with a clean fresh slate. 64% will evaluate him based on past feelings. and here, a continuation of a trend we saw throughout the first term. very similar to what ronald reagan dealt w
at what is happening to the markets and the economy. fitch is warning of a possible u.s. downgrade the debt ceiling talks drag on. citigroup had will join us here in just moments. retail stocks rolling up better than expected holiday sales season. the dow jones industrials up 27 points on the day. the s&p managed a point gain but still reaching another five-year high. the nasdaq is down six, that is only slightly from yesterday. the commerce department reported retail sales rose a half precent in december, november sales also revised higher. apple is "the biggest loser" in the s&p 500 today, down more than 3% again. it's on yesterday's losses also reports of weak demand and apple shares closing today just under $486. apple stock with $702 is back on the 19th of september. crude oil down 86, just over $93 per barrel. gold of working for $5. going above $1683. the 10 year treasury down 1.3% in feel. margins beginning on a positive note this year. the s&p all 3% higher year-to-date. the economy showing signs of surprising strength and stability. where there was once weakness. joining
the president's tactics those of a socialist who wanted to bring down the american economy? >> i think they would, and i appreciate your bringing the economy into it. the president did that yesterday. the more we talk about the debt ceiling after obsessing over the fiscal cliff, the more i look at the whole thing as a massive dangling the key or, you know, don't look over here at the real economy, which is where people would really like policymakers to be dealing, but look at this so-called fiscal crisis which doesn't even exist. the president very clearly, and i thought helpfully, spelled out the numbers yesterday and actually to get from where we are, given the spending cuts and tax increases that we've implemented so far, to where we need to be to stabilize the debt, is not that heavy a lift if we had a functional politics that was actually paying attention to what needs to be done instead of creating these ridiculous self-inflicted skirmishes and wounds. as you have correctly pointed out, you have even got conservatives spokespeople saying, look, this isn't going to happen, you're
the economy. the economy some argue is not one of his priorities. >> if you look back in 2008 the median household income 52,546 dollars. three years into president obama's presidency the average for 2011 it dropped more than 2,000 dollars to 50,054. when you look at the numbers do you think the president should be more focused on the economy. john meachum is talking about it this morning. >> the most important g median household income over the last 12 years. without rectifiying that this will be an unmemorable presidency and potentially a significantly -- >> how is he going to do that in three years? how is he going to remedy that turn that around so the regular folks start to make more money? it seems to me almost impossible with these policies. >> i think we are all to blame here. a lot of people don't want to hear the hard truth. people don't want to pay more taxes they don't want to see these cuts. they don't want to embrace the simpson bowl kind of proposals. these are hard choices. you and i didn't run for president. he sought the job. he is a good man. i think you would agree wi
in the united states doesn't have a lot of influence on the economy, but the tax hike on the working men and women, 120 million people, that 2% payroll tax is a killer, and that is all consumption of some. people spend the mone money thet have it, they reach into savings. that was a mistake, it was bad policy. i took growth down in the u.s. by half a point. lori: and you are telling us the economy has all the potential to break out. how much o ahead when will this fiscal policy have? is there any way to recoup it? any offsetting factor? >> unless washington changes its behavior. which is not likely. then the answer is no. we have this gradual recovery. it looks all right over time, has good pieces to it, energy, housing, the banking sector actually may be getting better. lori: must be a mistake on our washington leaders, what if they can achieve a grand bargain, get entitlement reform and we can sustain this debt to gdp level for the time being we can get to underlining measures. >> it would be a glorious outcome. lori: are you optimistic at all it will happen? >> i would like it to happ
automatically because our debt is going to grow along with our economy from year to year. especially it's going to grow in times when we need to spend a little more to juice our economy. but you know, bernanke has very little credibility with the republican party because republican leadership last year actually sent letters to him saying stop with your quantitative easing and your other extraordinary measures to juice this economy. they're already angry at him, so him saying we should from the debt ceiling is not going to do anything in congress. >> part of the problem is the debt seems to go up and good times and bad times and no one ever seems to have the courage to cut it, but it's a very bipartisan thing in terms of raising it. 76 times it's been raised since 1962. and the number one president in terms of raising it, the winner is ronald reagan at 17 times. that might shock people who like to see him as the paragon of responsible spending. >> we'll start with the deficit, shrinking more rapidly than at any time since the end of the korean war. in the end of december, we had a deficit for th
similar things and have also had some success in creating more monetary policy support for the economy. >> you had mentioned that there has been evidence that the longer-term interest rates have come down to the initial round. concern is that the unemployment rate remains very high and activity would try to bring that down and one would hope to see additional movements from the most recent round. are you suggesting that one would need to be patient? needs a little bit more about how you would assess how this is having the kind of effect that you would anticipate? >> well, we will be doing that on a regular basis. we will be looking at the impact on financial markets and we will see some effect there. we will look to see whether or not the labor market situation. we first started talking about a .1% on employment, there has been some movement. there was nearly 40% of the unemployed having been out of work for six months or more. that is a situation where there are too many people i can give you specific criteria except to say that we will be assessing the impact of our actions a financi
escalates the fight on the w economy. is the debt ceiling negotiable? your thoughts? send us a tweet or post your comment on facebook. you can also send us an e-mail. president obama held his last official news conference of the first term yesterday in the east room of the white house. here's what he had to say on the debt ceiling debate. [video clip] >> republicans and congress have two choices. they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. but they will not collect ransomed in exchange for not crashing the american economy. the financial well-being of the american people well-being is not a leverage to be used. the full faith and credit of the united states is not a bargaining chip. they had better choose quickly, because time is running short. the last time republicans in congress even flirted with this idea, r. triple-a credit rating was downgraded for the first time in our mystery, our businesses created the few jobs in any month in nearly the past three years, and the whole fiasco added to the deficit. ho
market economy and grow the business in a slow growth world economy. again, reflecting slow growth overall. i think they had strong numbers when it came to agency. some of those numbers up by 18%. volume was driven by agriculture with robust tales in latin america and a strong selling to the north american selling season along with increases in asia pacific for performance materials, electronics and communications and performance chemicals. >> the stock was higher a year and a half ago or so. but in terms of the last year, it's getting -- it's sort of the in the mid point of the trend. coming back, at least trying to get back to where it was earlier. all-time highs are at about 58. >> in corporate headlines, more developments in the boeing story. there are indications now that the dream liner could stay grounded longer than initially anticipated. investigators turning to the maker of the lithium ion batteries that are used in the planes. that is gsyausa. investigators visited the batterymaker yesterday. shares of boeing have started getting to the low end of the range after some ch
spend on everything from education to public safety less as a share of the economy that has been true for a generation. that is not a recipe for growth. we have to do more to stabilize the finances over the medium and long-term, and also spur more growth in the short term. i have said i am hoping to making modest adjustments to programs like medicare to protect them for future generations. i also said we need more revenue for tax reform by closing loopholes for the wealthiest americans. if we combine a balanced package of savings from spending on health care and revenues from closing loopholes, we consult the deficit issue without sacrificing our investments in things like education that are going to help us grow. it turns out the american people agree with me. they listened to an entire year's debate over this issue, and they made a clear decision about the approach they prefer. they do not think it is fair to ask a senior to pay more for his or her health care or a scientist to shut down like that saving research so that a multi millionaire investor can take less in tax rates then a
the gulf we recognize that healthy echo systems also can mean healthy economies. and from louisiana what we have taken, what we believe is a very good first effort in addressing both the vulnerability that exist with the state's master plan has which is is a long-term plan addressing the ecological but reducing the risk across the coast. we believe we can achieve a 100-year protection for the community it's the resources that important. the ecological resource that's state provides and the gulf provides to the nation that if it's going to be afforded through the nation it has to provide protection to those communities who provide that. we believe that this plan we can have sustainable long-term healthy echo systems but also healthy communities and economies. there's an essence a form of what we call social engineering. if you can't ensure the communities, the supermarkets, the schools the things that community depend on, they will not survive. we want to make sure that we're developing both a healthy echo logical system but -- we have gone a long way in first attempt. it's not perfect. we h
for our economy. so important for our public safety. so important for emergency response as we witnessed here in the northeast of the country. and so, while the fight was long and at times, unnecessary, at least the vote was taken today and we move forward. mr. garamendi: thank you, mr. tonko. the bill now is out of this house. it's already in the senate. we expect the senate to pass it probably tomorrow or the next day. certainly before the inaugural on monday and then the president will sign it shortly thereafter. bringing that kind of relief. you mentioned the jobs issue and people need to go to work. when we have these natural disasters and we come forward with the kind of support that we have seen today and will soon be available for new jersey, new york, connecticut and the surrounding areas, people go back to work. those people that have received immediate fema support for housing, for clothing, for food, that money is immediately spent into the economy. on the infrastructure side, it's crucial when the subways of lower manhattan flooded, the world's financial institution took a w
these states have the same epiphany or the same realization that there's only way to get the local economies going and that would be to change their taxes? >> well, i would tell you, charles, we have all looked at the economy that we're competing in, which is worldwide, and we know we need to be more tax competitive. i want to create more jobs in this state, our state, for citizens and higher paying jobs and the way to do that is to have lower income tax rates and corporate rates and in our particular case, i'm proposing the complete elimination of the income tax and the corporate tax rate. we do that by repealing some of the sales tax exemptions that we've granted over the years, we need a modern, simpler and fairer tax code. charles: i'm going to get to the fair issue in a moment, governor. but the basic premise that somehow this will spark the economy, obviously everyone doesn't believe that or that would be the program now. why would someone in your state who is worried about this, how do you convince him that this will indeed help the overall economy? >> well, i'm going to talk to him a
. she'll talk about the impact of immigration reform on our economy. share your thoughts with us on facebook and on twitter using the hash tag edshow. we're coming right back. i've been taking a multivitamin for years. centrum silver. both of us actually. our pharmacist recommended it. and that makes me feel pretty good about it. and then i heard about a study looking at multivitamins and the long term health benefits. and what do you know? they used centrum silver in the study. makes me feel even better, that's what i take. sorry, we take. [ male announcer ] centrum. the most recommended. most preferred. most studied. centrum, always your most complete. the most recommended. most preferred. most studied. officeyour business needs...k... at prices that keep you...out of the red. this week get a bonus $15 itunes gift card with any qualifying $75 ink purchase. find thousands of big deals now... at officemax. >>> it is a sad, sad day. but it's also your day, noah, my little man. i will miss your forceful and purposeful little steps stomping through our house. i will miss your perpet
economy. share your thoughts with us on facebook and on twitter using the hash tag edshow. we're coming right back. >>> it is a sad, sad day. but it's also your day, noah, my little man. i will miss your forceful and purposeful little steps stomping through our house. i will miss your perpetual smile, the twinkle in your dark blue eyes framed by eyelashes that would be the envy of any lady in this room. most of all, i will miss your visions of your future. >> welcome back to "the ed show." that was veronique pozner, giving the eulogy at the funeral of her son noah. noah pozner was one of 20 children killed at sandy hook last month. he was just 6 years old. veronique and her family, as well as other newtown families are fighting for reform in house of representatives of stopping another tragedy. and tomorrow the president will unveil a set of proposals to curb gun violence in this country. the president's recommendations are said to include universal background checks, a high capacity magazine ban, and a renewal of the assault weapons ban. nbc news has also learned that the president's r
is up 5,550 points since then, just shy of the 14,000 mark. the economy is growing. instead of contracting. in the first quarter of 2009, the gdp contracted 5.3%. it grew 3.1% when the last time it was officially measured. though remains below where it was before the great recession, consumer confidence has nearly doubled. and a larger percentage of americans, 41%, according to our last poll, believe the country is headed in the right direction, up from 26% in january, 2009. on the other hand, there is plenty of data to support the idea that the drink country is not better off than it was four years ago. and that the struggling economy continues to take a toll on families. median household income is lower than it was in 2009. and 46 million americans live below the poverty line. several million more than four years ago. the federal public debt has increased from 10.6 trillion in january 2009 to 16.4 trillion now. then there's the big number that's exactly the same as it was four years ago. the unemployment rate. 7.8%. though it's down from, of course, a high of 10% in octobe
, growthing -- growing faster than the economy. we have to fix the social security system making promises that are bigger than which we can pay out down the road. .. but he recognizes the threat it putouts there in the economy in that you can't possibly imagine the real growth coming without a sense of stability. the with coming from knowing what these changes will be so you could have planning investments, job creation, all the necessary pieces of moving the economy forward. the big wild card is when people are going to make these tough choices instead of using them to fight in the normal political boxes. what is going to happen next? it's on a different path than i would have thought. if you think about the prospect theory which basically says when you're delivering good news you want to do it in lots of little pieces if they got a promotion than you want to tell them they got a raise and then tell them they got a bigger office. each piece of big news is good and makes people happier. if you were doing bad use and waiting for an airline that is going to be delayed. i think it really app
of its politics and economics and society, mexico has the 13th largest economy in the world today. $1.16 trillion. the oecd predicts in 2042, when regeneration, mexico will have his archer economy than germany's. this is not me. this is the oecd project enough things being equal. therefore notwithstanding the inequality that exists in mexico that has to be dealt with and will be dealt with over time, the fact of the matter is that texaco socially is becoming more and more middle-class society and that is reflect to and every one of the usual measures. demographically, lifestyle, in terms of fertility rate, number of students in university, quality of the housing. all of these trends have brought mexico to the point where it is becoming predominately of middle-class society and will continue to move in that direction. and third, mexico lyrically speaking is a functioning democracy. not perfect, nor is our democracy perfect. but when you look at their electoral system, if you look at the way in which freedom of the press has been moved into mexico with passion, he began to see the devel
. accordingly, the house stands it's just -- it's terrible for the economy. it seems also to be bad politics. >> can you help me understand specifically what the president wants to pursue in the second term on this? is this something -- does he have legislation that he'd like to see congress passed? are we back to cap and trade? what specifically does he want to do that he didn't do in the first place? >> i think president has longed supported climate change. i think bipartisan opposition to legislative action is still a reality, the president's position remains the same as it was in the first term. he looks forward to building on the achievements made in the first term and he looks at this in a broadway because this isn't deficit reduction, for example, is not a goal onto itself. we pursue it in order to help the economy and help create jobs. otherwise it's not worth the effort, in his mind. >> mike pence delivers his first state of the state address tonight. we'll have that live for you at 7:00 p.m. eastern here on c-span. tomorrow, secretary of state hillary clinton testifies on capitol h
there was a federal government shut down and they butted heads and the economy survived. when we had the debate over the debt ceiling that led to the downgrade. they are two different fights and the republicans might be willing to fight on another one. there won't be as big of a risk short-term to the u.s. economy. >> thank you very much. a great pleasure having you on. former governor mark sanford said he is scared to death and calls himself a wounded warrior. but he said he is ready for a political come back to fight the scandalous affair that ruined his marriage and career. we will tell you more about his plans coming up. zero dark 30 director is answering critics who slammed her for including torture scenes in the movie. something we thought you should know. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex offi
21 allows to continue to improve the way we make, the way we move freight that fuels our economy. map 21 streamlines and consolidates programs. map 21 helps short project delivery a priority for president obama and congress. when we deliver projects faster we deliver their benefits faster. like enhancing safety, less congestion, and a cleaner environment. the project delivery improvement included in map 21 are based on an innovate shun initiative known as every day counts. they took it from you, victor. you've done a great job with everyday counts. let's hear it for victor menendez what he has done and his team has done. thank you, victor. [applause] the concept behind everyday counts is the same as this year's trb conference. better, faster, and smarter. finally map 21 helps us keep our transportation system safe. this law gives the department for the first time oversight over transit safety. again, beg thanks goes to peter rogoff of a the train crash here in washington, peter and i sided we would commit ourselves to getting the department of transportation into the transit safety bu
economy next. it's a new day. if your a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet, or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. s
% growth in the last five years, which is more than twice as fast as our economy has been growing and by every indicator, the green energy sector is growing. neil: i don't know a lot infatuation, but i know the frustration. >> i think they have probably realized that the green movement is kind of a boring activism. what they should be covering and don't really want attention to would be something like solynda that they called the phony scandal. they don't want to address that. this is a way for them to say we are shifting around for various reasons. i don't think they wanted to cover the real news which the scan was solynda and then they went under. the whole thing was just a disaster. the other stuff is boring activism and others want to let go. >> okay, it has become mainstream. >> "the new york times" this week is facing something like the numbers on 30 or more layoffs. so put this in a separate category to a broader question under obama. we have come to talk about this stuff of 5 million green jobs and international treaties. it's hard to do any of that. so you're not going to
on that investment? are you benefiting from that? is there enough tax being generated in the economy to offset that and when a disaster occurs are you on the hook for all the infrastructure and everything else that may be required to rebuild that community? and isha return on that exposure greater than what your payoff would he? now the taxpayer, the answer unfortunately is too often now. we have subsidized risk to a point where as long as no extreme event occurs, it seems okay. but when the extreme event occurs you are now exposed to much greater costs without necessarily generating revenue or other societal benefits offsetting that risk. now, through the 70s and 80s and early '90s, when a lot of growth was taking place in growing coastal areas and other areas very few storms were occurring. the frequency was down so the illusion was i a pitcher for 3030 years and this never happened. the problem with climate and weather is 30-year cycles are like an eyelash in understanding how these systems work. notts talking about any other issues and now we find ourselves in this increased activity and y
the debt ceiling or put the u.s. economy st. at risk. it's tuesday, january 15th, 2013 and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. we've been watching the u.s. equity futures and at least at this point you can see they do look like they're indicated to open a little lower. right now, dow futures down by about 16 points below fair value. the s&p futures are about 2 points below fair value. we have some different nebs going on at the top of the screen than we do on that fair value board. we'll check on that, as well. >>> dell is said to be in talks with private companies in reports of a possible guyout. the journal says jpmorgan is involved in the negotiations. dell shares have been soaring near an eight-month high on first word of this news yesterday. you can see up about close to 2% to the premarket sales. 64 is the last dip. in other technology news, facebook is holing a press conference today. no word on what the big announcement will be. you've heard a lot of analy
that is indeed worrisome. however, we are seeing some pretty good signs in the economy right now, so we're hopefully optimistic that they'll continue. and last thing anybody who's bet against america has proved it's a losing bet in the past. we're very bullish on this country. >> steve, thanks so much for your time. thank you for joining us first on cnbc. >> thank you. >>> interesting debate. meantime, goldman sachs making waves with the bonus pay joits. we'll get that in a moment. after the break, david faber's exclusive with mel karmazin. he's here to give us his very first interview since stepping down as the ceo of sirius xm. we're back in a couple of minutes. mine was earned in djibouti, africa, 2004. the battle of bataan, 1942. [ all ] fort benning, georgia, in 1999. [ male announcer ] usaa auto insurance is often handed down from generation to generation because it offers a superior level of protection and because usaa's commitment to serve the military, veterans, and their families is without equal. begin your legacy. get an auto-insurance quote. usaa. we know what it means to s
the american economy. the financial well-being of the american people is not leverage to be used. martha: hmmm. there you go. iowa republican congressman steve king joins me now. so those are your two options. you can either crash the american economy or you can raise the debt limit or refuse to raise the debt limit. what do you pick, congressman king? >> isn't that masterful political rhetoric coming from the president? if you listen to him talk, there is a little pause in his selection of words there, you it is choreographed and carefully chosen but the american people will be able to see through this i believe. the first problem we need to deal with, martha, the misuse of the term default that emerged in the last debt ceiling crisis in august of 2011 when used on both sides of the aisle, when we reach the point the united states didn't have anymore borrowing authority that automatically meant default. it doesn't. that was a false definition then. it is a false definition now. we have enough money to operate essential components of this government that we can go on for a very long time. this
the economy collapse. and in classic washington fashion, this is the case with the schoolhouse is on fire and rather than focusing on putting the fire out, everyone in washington runs out to use as much water. the budget deficit is the economy right now. that's the to 50 minute like that but that's the truth. i think it would be great if an organization with strength and integrity of a or b. would stand up and make the point because we're having an entire budget that is basically premised on something that is not true. >> i agree with you. we do have underlying pieces of our economy that need to get fixed. but massive change in spending and we've already cut a trillion dollars over all in spending. we've cut medicare as part of the political their act. we have to be really careful and just solving these problems by cutting spending. .. >> we do it in a way that supports families and the population that we have. >> let me just add to that. i agree with you, but unfortunately, most of the people on social security will be on fixed budgets. and so there's still a danger having out-of-pocket
and maybe win some election. and two, perhaps pushing wound after wound on the economy is really not what folks sent us here to do. >> and ryan, the funny thing about this, this can end up being perceived as some sort of republican cave when they never should have taken a party position against raising the debt ceiling in the first place. so that doing the rational thing could actually simply look rational when they chose to do it. >> right, exactly. they -- if they had never made a big deal about this to begin with then they wouldn't be in this situation. now, obama kind of aided and abetted them because he wanted it to be the debt ceiling leverage that he kind of wanted this grand bargain in 2011. that never happened. since then, he has been consistent saying i am not going to mess around with the debt ceiling anymore. and good for him on that, you're right. as newt gingrich said, wisely and moderately and reasonably, he said don't pick this fight because you're going to lose it. don't create a national crisis around this that will only wind up with you caving. so just do it quietly, ea
dangerous way to do it because we start playing with everybody in our economy eye lives. so if we hit the debt ceiling and we don't have a bill that changes it, when we hit somewhere around $16.4 trillion worth of gdebt, the government will have to stop spending because of the debt limit. because we take it a whole lot -- we spend a whole lot more money than we take in, the debt ceiling become as real issue pd at government has to stop spending about $100 billion a month. that means the government will have to lay off people and that will mean more unemployment and more pain for people. it also means the government won't be able to pay all 6 it bills and it may stop sending money to the businesses in the united states. some of whom could go bankruptcy because of it. >> critics have said you can list out all of the things that won't get paid respect but in the end it has a massive ripple effect. and yet the house speaker said yesterday the consequences of failing to increase the debt ceiling are real, but so, too, are the consequences of allowing our spending problem to go unresolved.
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, for our economy cannot be overstated. the sovereign debt of the united states, for it to be questions that we would pay our bills or not, is not a scenario that we want to go through as a country. that would really harm us. that said, as i was coming back on the train from new york, i shared this with those with me. i said you're going down this track at 130 miles an hour. what would cause the conductor, knowing that if he veers off on this next rail to the right and pulled the switch that would cause that to happen, even if he knew it would put the train at severe risk by veering off to the right, what would be the only reason a person would go off that course rather than go straight? and the reason is that there's a larger cavern, kind of a grand canyon that we are about to go off. here's what i have concluded as a businessman and a seasoned public servant. the music will stop at some point with respect to where we are. when we are pouring $1 trillion a year, 40 cents on the dollar, you cannot do that into perpetuity. the time for leadership is right now. the time to address this is
real time and energy making a difference, moving the economy, getting people back to work and taking care of social issues making a difference. the fact that we don't is the reason in fact that we continue to have the lowest approval ratings in the history of congress. >> yes. i want to get to that but i want to stay on guns for a second. my sense is and i read the statement your office put out for instance supporting say the assault weapons ban, and i believe you are all supportive of that right? >> yes. >> you, congressman have a district in which i don't think it will give you much grief in your re-election. you represent the great city of madison, wisconsin. but you both had very contested races. you know, sam stein wrote a great piece in the huffington post. going back and talking to members who were around in the '94 assault weapons ban who really did get blindsided by what the cost of that vote was in terms of the nra coming after them. i want to play a clip of jim moran talking about the nra's political power. take a look. >> that this is going to happen, it is going to have
their fair share of taxes, but-- watching the drama with our economy in the middle and debating because the policy, is that your money don't miss cavuto tonight at 8. >> at 8:30 eastern time, a lot of numbers from the government. and mostly they do not affect the market and that's the case in point today. the consumer price index, no change in the month of december. over the past year, the consumer price index has gone up 1.7%, you can safely say no real inflation measured by the government at the consumer level. no impact on the market either. all right, the trading has started and the dow industrials% the opening trend is mixed. you can't say there's an opening trend one way or the other, but bear in mind the dow is at 13,500. that's a pretty high level. that will be 700 points away from the all-time high for the dow. first off though, let's check boeing. a the lot of you probably own the stock, maybe in a mutual fund, so, nicole, with all the problems for the dreamliner overnight, where-- look at that. >> look at that, it's down dramatically, almost 4 1/2%, now you're talking about
tax cuts that would've tripled our -- crippled our economy. would also called on washington not to lose sight of what remains our top priority, job growth. we called for smarter, locally targeted investments in infrastructure. we say that training and education must be expanded to build the workforce we need for a 21st century global economy. and we call for an expanded focus on ports, exports and advanced manufacturing to great more jobs in america and reduce our trade imbalance. on all of these issues we took aggressive action. our conference of mayors engage direct with the obama administration and congress through every step of fiscal cliff negotiations. at the national press club on september 15, we released a letter to vice president scott smith, our second vice president kevin johnson and i drafted, 131 of our mayors sign, calling on congress to adopt a bipartisan and balanced approach deficit reduction by incorporating spending cuts with additional revenue. we took the same message to both political conventions and to the presidential debate where mayors of both part
from dipping into those plans, right? and however, you have a current economy with sluggish gdp growth, languishing employment market that just continues. so now people are going, i think that the "washington post" did a study that one in four people now have tapped into their retirement 401(k) plans in order to pay like you said, everyday expenses. one of the things to think about is, and i know arthel, this isn't the greatest thing, but maybe a second part-time job. maybe one thing rather than tapping into that, you can earn extra income if you have the ability to do that. another way to do this potentially is if you have a strong credit score and you have some equity in your home, you could take out a home equity line of credit and write off the interest payments. interest rates are very low at this current time. so you can take advantage of the fact that they are low when borrowing against your home, if you have equity in your home. it's a potential way to do this. arthel, it just goes to show you here, as this job market continues to struggle and unemployment rate remains high, th
) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. >>> all right. we're getting new information from ktrk, they are both reporting that two -- two suspects have been taken into custody in connection with the shooting incident on the campus of the north harris campus of lone star college outside of houston in harris county, a campus of about 10,000 students. we have not yet independently confirmed what these law enforcement officials are telling our local affiliate. but i wanted to update you on what's going on. we are standing by for a 5:00 p.m. news conference, in half an hour or so. 5:00 p.m. eastern, 4:00 p.m. central. they said they were searching aed wood area for a suspect. that's when they said they had one suspect in custody but now our affiliates are telling us that two suspects are in custody. we'll see where this is going. we'll update you as more information comes in. >>> other news we're following right now, including a new controversy erupting today in the wake of yesterday's inauguration ceremony here in
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